Compliance Specialist (KYC / Client Onboarding)

JOB PURPOSE

To complete due diligence on new to bank client on-boarding, monitor existing clients to rule out money laundering/terrorist financing/sanctions risks, investigate and report unusual/suspicious cases to UAE Central Bank, de-risk flagged customers and perform system testing and maintenance in order to comply with regulatory requirements and mitigate risk for the bank

Broad Overview:

• Analyse increase risk and complex AML/CDD issues and provide appropriate advice to stakeholders, including escalating to the relevant senior levels or forums
• Observe and analyse internal and external developments to identify emerging high risk AML/CDD issues and incorporate controls in bank’s policies
• Review and implement CDD/EDD standards
• Develop strategies and identify scope of thematic and periodic reviews considering the evolving Compliance risks
• Determine de-risking strategy to mitigate anti money laundering, KYC and sanctions risks in the organization
• Establish effective and collaborative relationship with all internal and external stakeholders
• Ensure effective escalation within the Bank and implementation of procedures alignment with regulatory requirements and policies
• Participate proactively in various information streams to gather appropriate knowledge on industry developments and regulatory developments

ACCOUNTABILITIES

Client On-boarding

• Review account opening/know your customer (KYC) documentation, conduct quality client due diligence factoring AML/CFT and sanctions risks, liaise with business units and vigilance and control team to ensure quality of KYC forms and documents
• Document on-boarding decisions for reviewed clients, provide advisory for sanctions matches referred by operations and business units and provide sign off for account opening for increased risk and Politically Exposed Persons (PEP) customers to ensure compliance with regulatory requirements

Client Risk Assessment

• Conduct risk assessments on reviewed clients, issue advisory/take decisions on new to bank account opening requests, make decisions on the risk assessment (increased, neutral, un-acceptable risks) of existing relationships to ensure compliance with regulatory requirements

Client Monitoring/Investigation

• Review system generated alerts against customer data, investigate for potential money laundering/terrorist financing/sanctions risks, collect documentary proof, build/maintain case files for transactions and customers deemed suspicious, update relevant MIS to ensure accurate tracking and record keeping, mitigate sanctions risks by taking decisions on payment filtering system, update internal watch-lists, identify tainted/blacklisted names and ensure required actions are taken in order to fulfil regulatory requirements and avoid penalties

External Reporting and Correspondence

• Draft and report on MLRO/Deputy MLRO approved suspicious transaction reports (STRs), action and submit responses to UAE Central Bank on STRs, assist with addressing queries from corresponding banks relating to money laundering and sanctions matters, carry out freezing of funds and blocking of accounts, respond to and raise requests for information (RFIs) from other banks on anti-money laundering and sanctions in order to fulfil regulatory requirements and avoid penalties

Customer De-Risking

• Determine exit strategy for flagged customers, close accounts, report to UAE Central Bank and update MIS to ensure effective closure of accounts and to mitigate anti money laundering, KYC and sanctions risks in the organization

Compliance Systems

• Set and review outcomes for parameter changes in the client on-boarding, AML and sanctions systems, develop comprehensive user requirements and test cases, conduct testing for automated solutions, assist in identifying potential weaknesses in processes and systems and manage necessary fixes to ensure system is working effectively

Compliance Project Support

• Support and/or manage projects arising out of changes in regulations in order to ensure remedial actions are completed and fulfil regulatory requirements

Advice and Guidance

• Act as a subject matter expert to employees providing guidance on what actions to take when dealing with high risk accounts and transactions, contribute to the formulation of internal policies, procedures and training materials to support compliance with regulatory requirements

• At least 6 years of experience in banking in compliance, branch or operations department
• Bachelor’s Degree